Time to vote!
Election Day, Election Day it is here upon us, I will always try to steer clear of politics in my blog but today is one of those days that just cannot be done. Tonight we may know who the victor is or maybe not. Some say this shall be the closest election ever, others say it will be a landslide on one side or another. What does all this have to do with the real estate market here in north Texas? In one simple phrase, a lot, word has been spreading that whatever happens the mortgage interest rates will go up. How high you ask? That is kind of like picking lottery numbers. Some say the rates will hit over 5% others around 4% but all agree they will go up. 4% is still not bad and although not as low as the current rates they would still be low. 5% on the other hand could slow the market or at least make the buyer hesitate.
Fortunately mortgage interest rates are not the sole factor to determine a strong market. Availability of homes, home prices, how much does the public have to spend on new homes and are the consumers confident that they will have the ability to pay off the lone, which is the big question. To be fair the market has been inching upward. We are certainly better off than we were say 2008 yet are we were we need to be? The way I see it, we have two choices. We stay on the current slow path or we venture out of the box and see if we can indeed revive our historically strong economy. Whoever wins the real estate market will survive. The question is will it thrive? We will know this answer soon.